- The barrel of WTI looks to extend gains above the $76.00 mark.
- EIA reported Wednesday an unexpected build during last week.
- WTI is trading close to yesterday’s fresh 2018 tops beyond $77.00.
The upbeat momentum in crude oil prices appears to be taking a breather on Thursday, although they keep the trade above the key $76.00 mark per barrel.
WTI looks to Russia, Saudi Arabia
Prices of the barrel of the American reference for the sweet light crude oil are trading within a narrow range today, as traders continue to digest the recent news from agency Reuters.
In fact, Reuters cited that Russia and Saudi Arabia struck a private deal during last month to increase the crude oil production in order to put prices under pressure.
However, the impact on the oil market from US sanctions against Iranian oil exports (expected to kick in on November 4) continue to limit occasional bearish attempts.
In addition, today’s softer tone around the greenback is also helping prices to offset the selling bias.
Looking ahead, Baker Hughes will publish its weekly report on US drilling activity on Friday.
WTI significant levels
At the moment the barrel of WTI is up 0.07% at $76.48 and a breakout of $77.12 (2018 high Oct.3) would aim for $77.95 (high Nov.21 2014) and finally $79.92 (high Nov.10 2014). On the flip side, the next down barrier emerges at $73.85 (10-day SMA) seconded by $71.78 (low Sep.26) and then $71.52 (21-day SMA).
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